AdEx / BitcoinLong
ADX trade idea
Updated
ADX has possibly found support on the 21 MA and a bottom at 5,5K sats.
We have a falling wedge and secondary support zone (also optimal buy zone) at 8K sats.
MA indicators are showing there is more confidence in the price action at this moment which could lead to testing the various resistance points as shown on the fib.
Signs of strengths would be a move abouve the resistance of the falling wedge, followed by a break above the .236 fib level.
First target would then be 0.382 fib level at 17K sat. Secondary target would remain open depending on whether wave 3 of the elliot wave would get more extended.
We have a falling wedge and secondary support zone (also optimal buy zone) at 8K sats.
MA indicators are showing there is more confidence in the price action at this moment which could lead to testing the various resistance points as shown on the fib.
Signs of strengths would be a move abouve the resistance of the falling wedge, followed by a break above the .236 fib level.
First target would then be 0.382 fib level at 17K sat. Secondary target would remain open depending on whether wave 3 of the elliot wave would get more extended.
Note
Update on ADX trade, price has broken above the falling wedge and moved above the .236 fib level. We will face some resistance at 13K sats which is a major resistance point.Updated chart:
Note
Will add an update on this on the coming days. It seems we are in a larger EW and that we have now only finished the first wave and are moving to the 2nd wave.Note
Note
Targets are moving towards higher areas and timeline becomes a bit longer.
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